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5 Replies Last post: Jun 3, 2008 6:23 PM by Bridge

TAXES Capital Gain

Nov 2, 2007 9:29 AM

TommyJoe 8 posts since
Oct 31, 2007

I own a small motel ( http://www.amandasvillagemotel.com ) and I am thinking about selling it to relocate to another state to start a different business. I am trying to figure out the best way to work with capital gain during the changeover to make the transaction smooth so I do not pay more than I need to ?

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LUCKIEST 7,372 posts since
Aug 6, 2007

1. Re: TAXES Capital Gain Nov 2, 2007 10:00 AM

Do you have an Accountant?? Are you a Corporation??
Sell your motel for the most that you can get. Then find yourself a GOOD Accountant or Financial Advisor.
Good luck, LUCKIEST

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TommyJoe 8 posts since
Oct 31, 2007

2. Re: TAXES Capital Gain Nov 2, 2007 10:24 AM

in response to: LUCKIEST

My accountant was never involved with selling a business.. We are a LLC. So far Financial Advisor is the best idea

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DomainDiva 1,488 posts since
Oct 10, 2007

3. Re: TAXES Capital Gain Nov 2, 2007 10:25 AM

Don't try to figure this out on your own. Find an accountant that specializes in real estate and property.

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TommyJoe 8 posts since
Oct 31, 2007

4. Re: TAXES Capital Gain Nov 2, 2007 10:36 AM

in response to: DomainDiva

Thank you !

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Bridge 355 posts since
Jun 3, 2008

5. Re: TAXES Capital Gain Jun 3, 2008 6:23 PM

Getting advice from an experienced business broker may help....

You can potentially use a 1031 like-kind-exchange to defer taxes on a real estate transaction. Additionally, depending on your financial situation, there are many creative things you can do in a sale to defer taxes.

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This Question is Answered

TAXES Capital Gain

Nov 2, 2007 9:29 AM

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